Remember Bankia, That Spanish Bank That Was Getting Destroyed Yesterday?

venus and moon space

Photo: WikiMedia Commons

Yesterday we wrote about Bankia, the Spanish bank that was subject to reports of $1.3 billion in deposit flights.Anyway, at one point it was down over 20%, before ending down about 10%.

Well today the mood is different. And the stock… is up over 26%!

That’s redolent of a lot of European banks, which are all booming today.

The amount of optionality in the sector is huge right now. They’re all trading at such distressed levels that just the slightest bit of positive vibes (the sense that maybe the world isn’t going to collapse) sends them all moon-bound. Then of course the next day they collapse again.

Amusing, too, that this comes after last night’s big downgrade of Spanish banks and a report that bad loans at Spanish banks have hit an all-time high. But then that always seems to happen this way.

SEE ALSO: This is what happens if Greece exits the euro >

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